Monday, January 27, 2014

Can I Buy US Property As a Resident or Non-Resident Alien ?|

Can I Buy US Property As a Resident or Non-Resident Alien ?| By Edward Jules Goodman | It is fairly easy for foreigners to purchase real estate in the United States, regardless if they are residents or non-resident aliens. While purchasing the property may be easy, how you purchase the property can have long-term tax implications that some property owners are not prepared for. Before you purchase property, it is important to consider exactly who will be purchasing the property and how the property will be used, —these two factors can affect the type of taxes you are subjected to under US tax codes. Who is Purchasing the Property? There are several different entities that can purchase property and each one is governed by different tax codes. If you are considering purchasing property in the United States, you should talk with a Certified Public Accountant or an attorney who specializes in tax law in order to make sure that you chose the best entity to purchase your property. Direct ownership is when an individual purchases a property directly. Direct ownership is the most straightforward way of purchasing a property, but non-resident or resident aliens might be subjected to large estate taxes that they aren't prepared for when transferring or passing on the property. Corporations- Partnerships or corporations can also purchase real estate. The corporation can be a foreign one or a foreign-owned domestic one, but it must be able to prove its validity to the IRS. There are tax benefits of a corporation or a partnership owning a property, including the possibility of avoiding a future estate tax and federal income tax. While buying through a corporation can limit tax liability, transactions can be complicated. It is important to know that tax laws apply differently to foreign and domestic corporations. Trusts- A trust is also able to purchase a property. Trusts can help avoid later surprise estate taxes, but they must be executed properly in order to maintain their tax code status. How will the Property be Used? The second issue to consider when you are purchasing real estate in the United States as a non-resident or resident alien is how you will use the property.— Are you planning on using it as a residence for you or your family members, or are you planning on renting it out? In order for a foreigner to classify a home as a residence, US tax codes state that they must reside there 50% of the time over the course of a two year period. Properties that are considered corporate holdings or rental properties are governed by different tax codes than private residences. Article Source: | ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ | "At Last! A Super-Easy Way To Locate Foreclosures Guaranteed To Put More Cash In Your Pocket - FAST!" Go to => Go to =>click here | 2)SEARCH PAGE | “I really can’t recommend this resource enough!” | ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ |

Friday, January 17, 2014

Bank Owned Properties For Sale - Beating the Competition

Bank Owned Properties For Sale - Beating the Competition | By Joseph B. Smith | With the growing popularity of foreclosure investing, it is not surprising that the competition to grab the hottest bank owned properties for sale deals has become quite tough. These homes, usually under priced, attract so many bidders that you have to make sure that yours is the best. Making an offer and getting the seller to choose your bid is certainly tricky. But with the following suggestions, you will find the seller eating out of your hands soon enough. Do Your Homework Ask any seasoned investor about the importance of doing your homework and you will get the same response. It is very important. In the case of bank owned properties for sale, you need to be familiar with their history including the Sheriff's Deed's purchase price and loan amounts previously secured to the house. By studying these, you will be able to come up with an amount that is somewhere between the sale price during the foreclosure auction and the mortgage balance. Check Comparable Sales Most buyers base their offers on the list price but you will be surprised to learn that the market value is actually the one you should be looking at. In order to come up with an accurate figure, you will have to do a comparable sales study. For starters, you will need to check similar repo homes for sale in the neighborhood within the past three months. You should also check out the pending sales activity as well as the active listings to be thorough. Check Number of Offers Another thing that might make your offer stand out is by inquiring about exactly how many competitors you have. Not only this, but you also need to find out if there are cash offers since they are the tough ones that you need to beat especially if you are planning on getting financing. To be on the safe side, have a pre-approval letter to show that you are indeed serious about buying one of these bank owned properties for sale. Joseph B. Smith has been educating buyers on the finer points of Bank Owned Properties at for over five years. Contact Joseph B. Smith through if you need help finding information about Bank Owned Properties for Sale. Article Source: